Singapore-based blockchain software platform VeChain has unveiled a brand new blockchain monitoring system for the meals and beverage business.
In a weblog submit on Nov. 7, the corporate confirmed it was working with meals certification group DNV GL and provide chain specialist ASI Group on the mission, often called Foodgates.
VeChain “direct beneficiary” of pro-blockchain stance
The authentic announcement got here at this yr’s China International Import Expo (CIIE), being held from 5-10 Nov. in Shanghai.
“The immutability of public blockchain coupled with verifiable information makes this solution really unique,” VeChain COO Kevin Feng commented.
VeChain revealed Foodgates had already been put to work, importing French beef to China for an occasion attended by French president Emmanuel Macron and China’s Xi Jinping, who additionally spoke at CIIE.
China given a blockchain go forward
As Cointelegraph reported, China lately unleashed large official assist of blockchain know-how, with Xi himself urging its use in a speech in late October.
The shocking growth accompanied information that China may turn out to be the primary nation on the earth to launch its personal central financial institution digital foreign money (CBDC). Following Xi’s phrases, native media started warning residents concerning the authorized implications of criticizing blockchain or calling the know-how a rip-off.
“VeChain, being a global blockchain technology platform provider with significant resources in China and Europe will be a direct beneficiary of this bullish shift by the second largest economy in the world,” the weblog submit added.
Blockchain no magic bean for meals business
Blockchain has made important inroads into the meals business lately. Businesses have devoted power to monitoring every thing from espresso to lettuce, arguing immutable ledgers save time, cash and add safety to produce chains. Nonetheless, criticism has come from consultants who’ve recognized shortcomings in potential new methods.
“The weakest link in the chain is not blockchain or any technology, the weakest link is the piece of sticky tape that puts the label on the package,” PwC analyst defined in an interview on Thursday.
VeChain 7-day value chart. Source: Coin360
Additionally, VeChain’s announcement noticed on the spot advantages for buyers in its native VET token, which rose round 40% this week after an preliminary dip.